Rain is expanding its stablecoin card infrastructure through Mastercard, giving the startup access to both of the world’s largest card networks as stablecoin payments move further into traditional finance.
The company announced Monday that it will offer credit and prepaid cards with Mastercard after previously working only with Visa. Rain also said it is working with Mastercard to explore stablecoin based payment settlement with the card network.
Rain helps companies launch cards backed by users’ stablecoin deposits, including neobanks that want customers to use crypto deposits to settle card charges instead of traditional dollar balances. The new Mastercard partnership gives Rain a way to serve larger institutions that already have long-running relationships with a specific payments network.
Rain was valued at $1.95 billion in January after raising $250 million in a Series C round led by ICONIQ. The round brought its total funding to more than $338 million and marked a valuation increase of more than 17 times in 10 months.
The partnership comes as card networks and payment companies race to build stablecoin infrastructure. Mastercard announced in March that it would acquire stablecoin infrastructure firm BVNK for up to $1.8 billion, including $300 million in contingent payments. Mastercard said the deal would expand its support for digital assets across currencies, payment rails, and regions.
BVNK said the acquisition would help power stablecoin capabilities across Mastercard payment endpoints, including 24/7 stablecoin settlement for processors and acquirers, as well as stablecoin checkout through Mastercard’s payment gateway.
Rain’s expansion also follows Stripe’s $1.1 billion acquisition of Bridge in 2025 and Bridge’s expanded Visa partnership, which was designed to support stablecoin linked cards in more than 100 countries.
Stablecoin adoption has accelerated since the US passed the GENIUS Act in July, creating a clearer regulatory framework for dollar backed tokens. Since then, major companies including Meta, Shopify, Coinbase, Stripe, and SpaceX have expanded or used stablecoin payment capabilities.
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